COLUMBUS—State Senator Steve Wilson (R-Maineville) today announced the unanimous Senate passage of his legislation, which would adopt nationally recognized industry standards for those selling travel insurance in Ohio.
Travelers often purchase travel insurance to avoid financial losses associated with unforeseen delays, cancellations and incidents. Senate Bill 169 provides consumer protections by requiring clearer accountability and notification provisions with respect to who is responsible for the sale and advertising of travel insurance.
"This legislation will address the current problems of regulatory inconsistencies by updating the licensing process to better reflect today's insurance market," said Senator Wilson. "Ultimately it will bring Ohio up-to-speed with the overwhelming majority of the country."
Senate Bill 169 is based on model legislation adopted by the National Conference of Insurance Legislators (NCOIL) in 2012, as well as licensing standards adopted by the National Association of Insurance Commissioners (NAIC) in late 2010.
Before states started enacting this model legislation, each state had different systems for regulating and licensing travel insurance, with some having no regulations at all. Today there are over 40 other states that have adopted the uniform standards.
Senate Bill 169 now goes to the House of Representatives for further consideration.